Credit Unions, Fintechs Join Forces For Inaugural Event

If credit unions and fintech companies had a Facebook relationship status, it would probably be “It’s complicated.”

Though the two have often been pitted against one another, the dynamic has evolved from competitive to collaborative. This way credit unions can leverage new technology, improving operations and member experience, while fintechs gain access to a valuable client base. Popular applications include AI-driven fraud detection, mobile wallets, and streamlined lending platforms.

Earlier this year, leaders at Suncoast Credit Union ($18B, Tampa, FL), in partnership with WithClutch and ModernFI, decided they wanted to shake up the conversation. In May, they hosted the inaugural Create 2025 fintech summit in New York City.

“Fintechs have a way of solving industry issues, but rarely do they come to credit unions with a blank slate and say, ‘What do you need us to build?’ They’re typically already coming with something built and hoping that it serves a purpose,” explains Darlene Johnson, Suncoast’s chief strategy and transformation officer.

As Suncoast’s self-proclaimed fintech guru, Johnson says the goal was to bring together leaders from both worlds to discuss key challenges credit unions face and how fintechs might address those needs. In total, eight credit unions and nine fintech companies were present at the event, and plans are already in the works for more.

A Meeting With A Common Goal

It only took six weeks for Create 2025 to go from idea to reality. After early discussions with ModernFi and WithClutch, organizers compiled a list of credit unions and fintechs they thought might be interested and quickly received RSVPs.

“The one rule on the table was that fintechs weren’t allowed to come and sell their product. That’s not why we were there,” Johnson says.

Credit union leaders were asked to come with an open mind and innovative approach.

“The agreement was to look for opportunities to solve industry issues, not issues exclusive to one credit union,” notes Johnson. “We wanted everyone to look at the big picture and ideate around improving the cooperative movement holistically.”

Participating credit union leaders were surveyed beforehand about what they considered to be the industry’s top problems. This helped guide the discussion.

“We probably could have [spread the event across] multiple days. It was a really robust conversation, and we walked away with a list of really actionable items,” Johnson says.

The event was structured as a roundtable discussion followed by a group dinner afterward.

Participating credit unions included Suncoast, Coastal Credit Union, Interra Credit Union, Meritrust Credit Union, Mississippi FCU, New York Municipal Credit Union, Schools First FCU, and Vibrant Credit Union. Fintechs included ModernFi, Clutch, Alloy, Bloom, Flow, MX, Prizeout, Pulsate, and Taktile.

We exist to serve our members and strengthen our communities. If a great product or innovation helps more members, whether they’re ours or another credit union’s, that’s a win. We’re not in a race against each other; we’re in a race against financial exclusion, predatory lending, and outdated systems that don’t serve people well.

Key Goals And Challenges

Some of the key discussion points included the need to differentiate in a crowded market, overcoming the constraints of legacy risk management, and delivering value through data and personalization.

“I think you have to look at personalization in a very different way; people are really accustomed to the whole ‘add to cart’ philosophy,” says Johnson.

The conversation also touched on the importance of branding, including the launch of digital-first brands and how to leverage affiliate marketing.

“We think we have the best experiences or the best products, but do those fall a little bit flat without brands that resonate?” Johnson says. “We talked a little bit about delivering meaningful experiences and creating a brand that connects emotionally with our members.”

Another recurring theme was the need to move beyond a “Frankenstein” approach of disconnected tools and fintech vendors.

“Credit unions have a very robust backlog of projects that we want to implement, and most credit unions run very lean, so we can only do so many projects in a year,” Johnson says. “We talked about how to potentially partner fintechs together so that when a credit union implements one they’re really getting multiple solutions in one integration.”

In a crowded financial services landscape, multiple credit unions often compete in the same market. But the Suncoast CSO says she isn’t a stranger to a raised eyebrow or two.

“People ask, ‘Aren’t you worried about competing against other credit unions with the same products or technology you help develop?’ And honestly, my answer is no,” says Johnson. “We exist to serve our members and strengthen our communities. If a great product or innovation helps more members, whether they’re ours or another credit union’s, that’s a win. We’re not in a race against each other; we’re in a race against financial exclusion, predatory lending, and outdated systems that don’t serve people well.”

Next Steps And More To Come

Though the event was held in May, Johnson says the work hasn’t stopped since.

“We can’t call this Create 2025 and then not create something – and that’s not in my DNA anyway. You have to execute,” she explains. “We came up with what I think is a very exciting idea. We’re not ready to share it yet, but we are currently working on a name for the product and a business plan.”

That will be unveiled at a “part two” of Create 2025 scheduled for November 7. And stay tuned, because Create 2026 is already in the works.

Johnson says that thousands of new fintech companies popping up all the time, the credit union industry can’t afford to ignore them.

“Embrace it. Think of them as partners. Find ways that they can enhance your business instead of disrupt your business,” she says.

The CSO continued by pointing out that fintech companies are new and learning.

“Understand that they really don’t know the credit union industry,” Johnson says. “It’s new to most of them, and so they’re very open to feedback. They are really willing to customize and create things differently to solve our problems.”

Turn AI Curiosity Into Capability: The question isn’t if your credit union should adopt AI — it’s how to do it with intention. On July 17, join Interra Credit Union’s Todd Woods as he shares how his team launched a chatbot that reduced call overflow by 90%, built internal buy-in, and laid the groundwork for broader AI success. Learn how to avoid missteps, prioritize quick wins, and create a strategy that supports both staff and members. Read more toCredit unions and fintechs are teaming up to innovate, not compete—Create 2025 shows how collaboration drives real change.
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